MODEL N, INC. (NYSE:MODN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(d) Effective December 23, 2016, our board of directors elected Tim Adams to serve as a Class I director whose current term will expire at our 2017 annual meeting of stockholders. We anticipate that Mr. Adams will also serve as a member of one or more committees of our board of directors, which we will determine at a later time. There are no arrangements or understanding between Mr. Adams and any other persons to which Mr. Adams was named as a director.
In connection with his service as a director, Mr. Adams will be eligible to receive an annual award of restricted stock units having a value of $100,000. In addition, Mr. Adams will be eligible to receive annual awards of restricted stock units having a value of $30,000 as a retainer and additional awards of restricted stock units for committee service, as applicable. Annual awards are granted as of the date of the company’s annual meeting of stockholders and vest as to 25% quarterly as of the 15th day of May, August, November and February.
For the period beginning December 23, 2016 and ending at our 2017 annual meeting of stockholders, Mr. Adams will receive restricted stock units having a value of $20,800, which reflects a prorated portion of the annual awards he is eligible to receive and which will vest as to 50% on February 15, 2017.
In connection with his election, we will enter into our standard form of director Indemnity Agreement with Mr. Adams. to this agreement, subject to the exceptions and limitations provided therein, we will agree to hold harmless and indemnify Mr. Adams to the fullest extent authorized by our certificate of incorporation, bylaws and Delaware law, and against any and all expenses, judgments, fines and settlement amounts actually and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding arising out of his services as a director. The foregoing description is qualified in its entirety by the full text of the form of Indemnity Agreement, which was filed as Exhibit 10.01 to our Form S-1 Registration Statement filed on March 12, 2013 and which exhibit is incorporated by reference herein.
About MODEL N, INC. (NYSE:MODN)
Model N, Inc. is a provider of revenue management solutions for life science and technology companies. The Company’s solutions enable its customers to maximize revenues and reduce revenue compliance risk by transforming their revenue life cycle from a series of tactical, disjointed operations into a strategic end-to-end process. The Company’s solutions include Revenue Enterprise Cloud, Revenue Intelligence Cloud and Revvy Revenue Management. The Company provides solutions that span the organizational and operational boundaries of functions, such as sales, marketing and finance, and serve as a system of record for revenue management processes, including pricing, contracts, rebates, incentives and regulatory compliance. The Company’s application suites are designed to work with enterprise resource planning (ERP) and customer relationship management (CRM) applications. The Company also offers implementation services, managed services, strategic services and customer support. MODEL N, INC. (NYSE:MODN) Recent Trading Information
MODEL N, INC. (NYSE:MODN) closed its last trading session up +0.30 at 8.80 with 105,760 shares trading hands.
